Adidas shortlists bidders in Reebok sale -sources

Adidas shortlists bidders in Reebok sale -sources © Reuters. FILE PHOTO: Boards with Reebok retailer brand are seen on a shopping mall on the outlet village Belaya Dacha exterior Moscow, Russia, April 23, 2016. REUTERS/Grigory Dukor/File Photograph

(Corrects typographical error in headline)

FRANKFURT (Reuters) – Adidas (OTC:ADDYY) has drawn up a shortlist of bidders for its Reebok model because it seeks to attract a line underneath an ill-fated funding that by no means lived as much as the German sporting items firm’s expectations, sources near the matter stated.

U.S. rival Wolverine, which has partnered with model transformation specialist Genuine Manufacturers Group, has been requested to submit a ultimate bid in August, as have buyout corporations Introduction, CVC, Cerberus and Sycamore, the sources stated.

Adidas purchased U.S. health label Reebok for $3.8 billion in2006 to assist to compete with arch-rival Nike (NYSE:NKE), however itssluggish efficiency led to repeated calls from buyers todispose of the model, which is now anticipated to fetch up to1 billion euros ($1.2 billion).

Adidas declined to remark.

The potential bidders additionally declined to remark or weren’t instantly accessible for remark.

($1 = 0.8441 euros)



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